Find the Best Deals with Marketplace Monitoring: Flipper's Guide
Get Deals with Marketplace Monitoring
Seriously you would be amazed at the kinds of things people put up on platforms like Facebook Marketplace for free. Couches that they bought for 7k quickly thrown up on the market for free simply because they need it gone yesterday. Cars, motorbikes, machinery, appliances, literally everything can be found at bargain prices on a place like Facebook Marketplace. The problem is that for every great deal there are probably 50 or 500 people who will snaffle it within the first hour. Normally a seller will have buyers lining up within minutes, that's some serious competition.
So how can you find these nuggets of gold on Facebook Marketplace?
Most people start scrolling and constantly refreshing that feed and if they’re really keen they never stop the constant monitoring of marketplace… The problem with this approach is that it kinda takes your life away. We all know life is more important than gold right. So as flippers we want to find gold with as little effort as possible and we lots of it. Literally piles…
The key is a special piece of software called a Marketplace Monitor!
Flippers aren’t magicians, though they do tend to have the nose of a truffle pig when it comes to finding a deal. The smartest flippers set up a Marketplace Monitor tool to constantly search Marketplace for the items they’re looking for. When the Marketplace Monitor finds the item they are looking for it sends and alert to their phone and bingo! A nugget of gold!
It’s all about speed, if you’re first you win! You need instant marketplace notifications!
We’ve all heard the saying, “the early bird gets the worm?” Generally the first person to message a deal on marketplace and tell the seller that they want it wins. So really it’s all about speed. That’s why you need a Marketplace Monitor to send you a notification. Its not humanly possible to refresh your search constantly for 12 hours a day, but fortunately you can get a computer to monitor marketplace for you. When you’ve set up a Marketplace Monitor for your desired searches you basically have your own little gold mine.
Be like a truffle pig, train your nose, sniff out the best deals and dig up gold.
Not everything you see has profit potential, yes you knew that already. But I need to reiterate, just because it's cheap and the marketplace monitor showed it to you first, you still need to check that it's underpriced and has reasonable profit potential. Follow these steps to determine if its a good buy:
1. How much was it new?
Determine the approximate original price. Normally you can get about half the new price for a second hand item so long as its in good condition. It's a good idea to budget to get 40% of the new price so there’s less chance of losing money.
2. Check the condition.
If it's in disastrous irredeemable condition you’re not going to get a good price. Ideally you want to buy pieces that will end up looking brand new again. If there’s damage, can you repair it? Can you clean it properly?
3. Can you move it?
If you don't own a truck or trailer you need to stick to things you can fit in your car, or hire a trailer for $30.
4. Is it worth your time?
This is an important one often overlooked. Add up your expected profit and divide it by the expected hours you’ll need to put in. Don’t bother if you’re only going to make $20 an hour. That is a fail! If you want the financial freedom of a flipping gold mine then you need to be ambitious. My flips these days net me an hourly rate of between $300 and $700 per hour. Yep this is totally possible if you have that nose and a friendly marketplace monitor on your side sending notifications for the best deals on marketplace. Heres how you can do it...
Focus on Buying Profits on Marketplace
There is a major misunderstanding that prevails in the general public about flipping. It goes something like this; flippers make money by monitoring marketplace and finding items that need fixing. They do the repairs and refurbishment and sell it for a profit. Wrong, there's a really key thing missing here. Flippers buy underpriced items. That means that when they buy an item it's extremely likely they could sell for much more without doing anything except listing for a higher price. All the refurbishing and minor repairs are just how you maximise the profit that should already be inherent in original purchase. That brings me back to the title of this article…
To find gold on marketplace reliably you need a Marketplace Monitor!
A Marketplace Monitor is a piece of software that monitors the market for you then sends you notifications when an item you want is posted. Swoopa is a game changer for flippers and is the fastest Marketplace Monitor boasting average find times of one minute. Remember speed is everything, imagine seeing deals a few seconds after they’re posted…you could discuss the weather with the seller before anyone else even sees the ad. (Basically a good Marketplace Monitor will mean you have time up your sleeve). My advice is that when your Marketplace Monitor sends you a good deal, use your time advantage to secure the deal with the seller. I always ask them to mark as pending or sold as otherwise they will be inundated with messages from all the other flippers who use a slower Marketplace Monitor than me. If you use either Swoopa Pro, business or Enterprise to monitor marketplace you will always be the first the message on the golden deals you’re looking for. Start finding gold today by signing up the Swoopa Marketplace Monitor today with a 30 day free trial. Go get it!